🔥 $53M for a Car? + Anthony Cudahy

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HEY Y’ALL!

Thanks for all the great feedback on the Javier Calleja piece I shared last Monday!

👉 If you watched my last video but couldn’t find the link to the tool, here it is: https://app.frameandflame.com/

🔥 ICYMI – Catchs from the Last Week:

1. Madeleine Bialke, Hook & Eye, 2023 – priced at £19,000

2. Mario Schifano, Tutte Stelle, 1974 – priced at £14,000

3. Kwesi Botchway, Purple Hair Tie, 2020 – priced at £34,000

Today we have a Thomas Houseago that’s all muscle—priced well below peak, but institutions are circling. Plus, Zona Maco bets big while Art Basel bleeds VIPs.

But first…

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A message I got this week about Artscapy:

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-Today’s Catch-

Anthony Cudahy

💭 My 2 Cents: “Glimmering on the land” might sound like a fairy tale, but Anthony Cudahy’s soft, dissolving figures pack a punch. I’m not usually one for hazy group scenes bathed in neon yellows, but this 121 x 121 cm canvas has me hooked—maybe it’s that nostalgic glow or the sneaky depth beneath all that warm light.

🔑 Key Numbers: The artist’s market may have dipped recently (with a -51% CAGR—ouch), yet his hammer ratio is still a healthy 2.16, and 2021 works average around $21,366. That’s hardly chump change, but considering his 88.9% sell-through rate, collectors don’t seem to care about short-term slumps. Price-wise, mid-five figures isn’t crazy for a painting that hits emotional notes and has solid institutional backing.

🧠 Why It’s a Smart Pick: Demand is strong among die-hard figurative fans, and Cudahy’s museum presence just keeps growing. You’re not just buying a cool glow effect; you’re tapping into a bigger conversation about memory and queer intimacy. For those craving narrative-rich painting, this one’s worth the investment.

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-In a Minute-

🔥 Words I Like: hustle, overreach, shakeup

Zona Maco’s Big Gamble

The big galleries are growing, even as their numbers look shaky. Lisson, Ropac, Pace, and Zwirner filed their UK reports, and let’s just say they aren’t exactly flexing record profits. Lisson’s down 30% in revenue, Ropac’s London branch is wobbling, and even Pace—one of the “healthier” players—still burned through 75% of its turnover in operating costs. But expansion continues because, well, that’s the game.

Over in Mexico City, Zona Maco is in full swing, but local collectors are hesitant, watching how Claudia Sheinbaum’s government handles the budget crunch. Trump’s new tariffs aren’t helping either—US buyers might hesitate, meaning some solid deals could slip through the cracks.

Meanwhile, Art Basel’s VIP exodus continues, with Irene Kim jumping ship to Chanel. That’s three senior departures in a month, and if you think that won’t shake up the fair’s collector dynamics, you haven’t been paying attention.

And in case you thought the high-end market was all doom and gloom—someone just dropped $53M on a 1954 Mercedes Streamliner. Vintage cars, still outpacing a lot of blue-chip art in ROI.

Speaking of wild deals, David Geffen and crypto bro Justin (Banana) Sun are in a full-blown legal slapfight over a Giacometti sculpture allegedly sold without permission. Sun claims fraud, Geffen calls it seller’s remorse, and the whole thing is a reminder: when a deal seems too good to be true, check the paperwork—twice.

So what’s the move? Look at underpriced mid-tier works. The blue-chip market is limping, but hungry galleries will deal, especially if US buyers pull back. Mexico’s scene is primed for shakeups, and some artists there are underexposed internationally. LA’s upcoming Made in L.A. biennial could also be a hunting ground for smart bets.

-Whenever You Are Ready-

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See you soon!

-Alvaro (@theartmarketguy)

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Disclaimer

Not financial advice. Frame&Flame is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions.